Gen Bus 307 final UPDATED ACTUAL Questions and CORRECT Answers
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Course
Gen Bus 307
Institution
Gen Bus 307
Gen Bus 307 final UPDATED ACTUAL
Questions and CORRECT Answers
For which of the following cases could you use logistic regression?
- To predict the probability that a customer accepts a promotional offer, based on their age
and income.
- To estimate the weight of elephants based on their hei...
Gen Bus 307 final UPDATED ACTUAL
Questions and CORRECT Answers
For which of the following cases could you use logistic regression?
- To predict the probability that a customer accepts a promotional offer, based on their age
and income.
- To estimate the weight of elephants based on their height.
- To estimate the number of cars rented each day at an airport based on whether the demand
occurs on a holiday versus a non-holiday. - CORRECT ANSWER✔✔- To predict the
probability that a customer accepts a promotional offer, based on their age and income.
How does logistic regression estimate coefficients?
By minimizing the sum of squared residuals.
By maximizing a likelihood function.
By minimizing the odds of whatever is coded a "successful" outcome. - CORRECT
ANSWER✔✔- By maximizing a likelihood function.
What clever transformation in logistic regression makes an S-shaped curve linear?
The square root transformation.
The logit or log-odds transformation.
The exponential transformation.
The anti-log transformation. - CORRECT ANSWER✔✔- The logit or log-odds
transformation.
What are odds?
One way to express uncertainty.
Strange things.
The probability of "failure" divided by the probability of "success". - CORRECT
ANSWER✔✔- One way to express uncertainty.
, The anti-logs of logistic regression coefficients, i.e. Exp(B), can be interpreted as odds
multipliers?
True
false - CORRECT ANSWER✔✔- True
The logistic regression coefficient for the Family variable (measured in number of people) in
the 11X model of loan offers is 0.605. Holding other X variables constant, if Family is
increased by one person, what happens to the predicted odds of someone accepting a loan
offer?
The predicted odds will increase.
The predicted odds will be 1.832.
The predicted odds will not change.
The predicted odds will decrease. - CORRECT ANSWER✔✔- The predicted odds will
increase.
Logistic regression-based loan decisions that approve all loans with greater than 0.5
probability of performing will ensure profitability.
True
False - CORRECT ANSWER✔✔- False
A one-way data table can have any number of outputs.
True
False - CORRECT ANSWER✔✔- True
You can delete a single cell entry from a data table.
True
False - CORRECT ANSWER✔✔- False
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